Cetera Investment Advisers Sells 56,974 Shares of Core Scientific, Inc. (NASDAQ:CORZ)

Cetera Investment Advisers reduced its stake in Core Scientific, Inc. (NASDAQ:CORZ) by 75.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,407 shares of the company’s stock after selling 56,974 shares during the period. Cetera Investment Advisers’ holdings in Core Scientific were worth $259,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Wellington Shields & Co. LLC bought a new position in Core Scientific in the 4th quarter worth about $26,000. First Horizon Advisors Inc. bought a new position in Core Scientific in the 4th quarter worth about $34,000. Newbridge Financial Services Group Inc. bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $42,000. Vestcor Inc bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $66,000. Finally, US Bancorp DE bought a new position in shares of Core Scientific in the fourth quarter valued at approximately $99,000.

Insider Activity at Core Scientific

In other Core Scientific news, Director Todd A. Becker sold 134,250 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $10.75, for a total value of $1,443,187.50. Following the completion of the transaction, the director now directly owns 195,687 shares in the company, valued at approximately $2,103,635.25. This represents a 40.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yadin Rozov acquired 110,000 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was bought at an average price of $10.87 per share, with a total value of $1,195,700.00. Following the completion of the acquisition, the director now directly owns 475,687 shares in the company, valued at approximately $5,170,717.69. This represents a 30.08% increase in their position. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Cantor Fitzgerald cut their price target on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, February 27th. Citigroup started coverage on shares of Core Scientific in a report on Thursday, May 22nd. They issued an “outperform” rating for the company. Needham & Company LLC reissued a “buy” rating and set a $16.00 price objective on shares of Core Scientific in a research note on Friday, May 16th. JMP Securities initiated coverage on Core Scientific in a research note on Thursday, May 22nd. They set a “market outperform” rating and a $15.00 price objective for the company. Finally, Oppenheimer assumed coverage on Core Scientific in a research report on Wednesday, May 14th. They set an “outperform” rating and a $15.00 price target for the company. Eighteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $18.33.

Core Scientific Stock Up 0.5%

Core Scientific stock opened at $10.74 on Friday. Core Scientific, Inc. has a twelve month low of $4.74 and a twelve month high of $18.63. The firm has a fifty day simple moving average of $8.55 and a two-hundred day simple moving average of $11.66. The company has a market capitalization of $3.20 billion, a PE ratio of -1.99 and a beta of 6.66.

Core Scientific (NASDAQ:CORZ) last released its earnings results on Wednesday, May 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $79.53 million during the quarter, compared to the consensus estimate of $92.04 million. During the same period last year, the firm posted $0.78 EPS. The company’s revenue was down 55.6% on a year-over-year basis. As a group, equities analysts expect that Core Scientific, Inc. will post 0.52 earnings per share for the current fiscal year.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.